I have yet to do any testing on this with a recurve/longbow, but I am certain the results would be the same for all bows. I tested up to 1200 grain arrows out of wheel bows, and never at any point saw diminishing returns on KE or momentum as arrow weight went up. As long as arrows are dynamic spined correctly for the test bow, heavier arrows always generate more KE(although these gains are minimal) and more momentum.(these gains are not so minimal)
Like already mentioned, there will be a point where the arrow is simply too heavy to propel effectively, making it useless.
I always try to use an arrow heavy enough to safely get the job done on the particular critter I am hunting.
650 grains was mentioned…….IMO, that is heavy enough for most anything, but I would not personally use a 650 grain arrow for cape buffalo. If I had a 32" draw length, maybe, but with my 29" draw length, I would never chance it. Just not enough momentum.